Barnwell Industries Addresses Misleading Claims
In a recent communication, Barnwell Industries, Inc. (NYSE American: BRN) took a firm stance against the misleading statements made by Ned Sherwood regarding his attempts to take control of the company. Alex Kinzler, the Executive Chairman, current Board member, and legal counsel for Barnwell, confirmed that he does not support Sherwood's consent solicitation.
Clarifying Miscommunication
Alex Kinzler's participation in the consent solicitation process was misrepresented by Sherwood, suggesting support for a takeover that offers no premium to shareholders. Kinzler submitted consent for just one share out of his total of 939,500 shares to initiate the solicitation period. It is crucial for shareholders to understand that the current Board does not endorse Sherwood's disruptive intentions.
Urgent Call to Shareholders
As shareholders may soon receive a blue consent solicitation card from Sherwood, Barnwell strongly urges everyone to discard these cards. Kinzler emphasizes the potential risk to their investments posed by Sherwood's takeover bid, which lacks any financial incentives for shareholders.
Protecting Shareholder Interests
The Board of Directors remains committed to protecting the interests of all shareholders amidst this aggressive campaign. It is essential to recognize that allowing this takeover to proceed could jeopardize the value accrued over time by individuals who have invested in Barnwell.
Understanding the Company’s Position
Barnwell Industries is not just defending against Sherwood's attempts but is also focusing on its strategic plans for growth and value creation. The company's leadership, including Kinzler, is dedicated to navigating through these challenges while affirming their commitment to their shareholders and operational integrity.
Ongoing Business Strategies
Amidst the situation, Barnwell continues to pursue its business strategies effectively, ensuring that all decision-making processes are in line with best practices for corporate governance. This commitment allows Barnwell to focus on providing quality service and returns for its stakeholders.
Frequently Asked Questions
1. What is the main issue between Barnwell Industries and Ned Sherwood?
Barnwell Industries is addressing misleading claims made by Ned Sherwood regarding a consent solicitation he initiated to take control of the company.
2. What should shareholders do with the blue consent cards?
Shareholders are advised to disregard and discard any blue consent solicitation card sent by Sherwood.
3. How does Barnwell's management view Sherwood's actions?
Barnwell's management considers Sherwood's actions disruptive and not beneficial to the shareholders.
4. What role does Alex Kinzler play in this situation?
Alex Kinzler is the Executive Chairman and a member of the Board, actively defending against the misleading solicitation and clarifying his stance.
5. What are Barnwell's ongoing commitments to its shareholders?
The company is committed to protecting shareholder interests, pursuing growth opportunities and maintaining transparency in its processes.
